ETHE Elliott Wave technical analysis [Video]

ETHE Elliott Wave technical analysis

Function: Major Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave [iii].

Direction: Decline.

Details:

• Wave [iii] is currently halfway completed, and the necessary Fibonacci levels for wave (iii) of [iii] have been satisfied.

• This indicates that the next move will be the final leg of the wave [iii] five-wave decline.

• Wave (iv) has now begun and could complete by next week, leading to the start of wave (v).

Invalidation level: $22.00

ETHE Elliott Wave technical analysis

Function: Major trend (Minor degree, grey).

Mode: Motive.

Structure: Impulse.

Position: Wave (iv) orange.

Direction: Decline.

Details:

• Wave (iv) correction has started, and the ETF is expected to move sideways temporarily, targeting the previous fourth wave of a lower degree.

• The wave (iv) correction is likely to be shallow, especially compared to the retracement during wave (ii).

• If the price moves above $14.97, it would invalidate the current outlook and imply that wave (iv) is already underway.

• At the moment, the market is progressing through wave b of (iv).

Invalidation level: $22.00

Conclusion

The summary of the Elliott Wave analysis is:

• ETHE has now entered wave (iv) – providing a setup opportunity for short positions.

• The wave (v) decline is anticipated to result in a minimum price change of $5.

• Although the count remains valid up to $22.00, a reassessment may be needed if the price reaches this level.

• This is a critical time to strategize trades for the next impulsive move.

• Traders must follow Elliott Wave rules closely and monitor invalidation levels to avoid preventable losses.

Technical analyst: Simon Brooks.

ETHE Elliott Wave technical analysis [Video]